All Forum Posts by: Ori Holzman

@Joseph Bass & @Scott Wolf , 

I completely forgot about a general contractor, forgot that such a concept existed. Newbie mistake, thanks for the terrific pointers. 

@Alexander Knowles, 

Just started on the book now :) Thank you! 

Hey!

So I've read quite a few books on REI, read forums, Etc. Etc. and I am currently trying to buy my first property in Waterbury, Connecticut. I plan on house Hacking one of the units, but will probably be putting down 20%, so not quite sure it actually qualifies as a house hack :).

It's a two family house, built in 1930, and needs a lot of work. I am trying to break down the construction costs to see if the numbers even make sense, but being a new investor, I am not good at calculating costs.

I currently work a full time job in NYC and live in Brooklyn, and I will have to drive down to see the property on person. I plan on moving and working in waterbury once the house is bought, but until then, I'm working mostly from long distance. That being said, which of these options make the most sense for me?

1) Don't get near the property until I become well versed in calculating Construction Costs.

2) Learn the basics on over the next few days to give me a rough idea of the numbers. (I'm concerned that won't be enough to get a good estimate)

3) Bring down professionals to calculate the costs. (Would that mean 10 different professionals? Someone for plumbing, the roof, exterior, flooring, painting, electricity, Etc.)

4) Get an experienced investor to come down with me. (I don't know anyone who would be able to that right now, and I don't have what to offer someone in return right now while being tied down to the job I'm still on. I don't want to do the classic "Hey, I choose you to be my mentor" :)

5) Something else.

Thanks for your time!!!

Ori

Originally posted by @Eric Ursitti:

I agree with the above and would add the west end of Hartford is nice. You can get nice tenants near the law school while the houses and taxes are at a discount from west Hartford a few streets over (rents would be slightly less). I am currently house hacking in west hartford on my first multi

Eric, congrats to you! I'm looking to do the same exact thing now :) 

Originally posted by @Jack Browning:

I've been in New Rochelle for over a year now. Bought a 4-plex and owner-occupy, purchased with an FHA loan. Property is cash-flow positive with me in it, and I'm 35 minutes to midtown.

Not glamorous, but having no rent/mortgage payment out of pocket feels like a winning a lottery ticket every month in the NYC area.  Frankly Yonkers and Mt. Vernon may still be a bit dicey in some parts, but New Rochelle has a massive amount of investment going on right now and has good transit 'bones'. Right on 95, Metro-North & Amtrak. Easy commute to the city and 25 minutes to LGA. Up and coming downtown area and a number of developments going up. 

Hopefully things stay up in the air long enough to get built out and occupied before the next downturn, but I'll be happy owning here for the next 5-10 years with confidence. 

Jack, 

I would feel like I won the lottery too. That's amazing, good for you! I'll be sure to check it out. 

Originally posted by @Diana Tian:

@Ori Holzman It depends on your budget. Hudson county and Bergen county in New Jersey are both worth checking out. 

 Thank Diana. I'll check them both out! 

Originally posted by @Scott Wolf:

@Ori Holzman, Brooklyn is very expensive, and you could house hack to get a better rental rate than market. (i.e. you end up paying $2,000 a month for a $3,000 a month apartment.  Otherwise I would look to Yonkers, Mount Vernon, New Rochelle or Jersey city area for house hacking, if you're primary job is in Manhattan.

 Thanks Scott, you hit the nail on the head. I work in Manhatten and plan on working there for the foreseeable future. I will definitely check all these places out and try to settle in on a niche. 

Originally posted by @Andrew Lenis:

Hello @Schneur Holzman,

Unfortunately Housing Hacking in NYC is a very difficult thing to do. I suggest taking a look at the Hudson Valley area, where there's much more affordable housing. 

 Thanks Andrew. I am looking outside NYC, but have to be close enough the City (Manhatten) to come in daily for work. 

@Aaron where would you recommend to look nearby? 

Appreciate any help or suggestions. I live in Brooklyn NY, zip code is 11212. Real Estate is extremely expensive around here. What are some good options nearby to look for house Hacking? Starting on a small budget. Thank you

Hey. I'm trying to get into real estate investing, would really apprecaie any advice. I only have a few thousand dollars to start with. I live in Brooklyn, NY, and have a full time job with small steady savings. I've read a couple of books, but don't have a lot of knowledge. Was wondering the best way to start? Should I look for cheaper places to buy? (Detroit, Buffalo Etc ). How do you manage out of state rental properties? Any recommended real estate classes around here? How do I look for a mentor? Thank you.